At the same time the housing slowdown is seeing an increase in online property auctions.
Homesgofast.com which currently promotes over 100,000 property listings found that the global slow down has meant for many of its 500 real estate agents a change in tactics to sell their properties. Agents are changing the types of property they promote and at the same time reducing the size of their inventories.
The move seems to be a response aimed at increasing the likelihood of a sale. The trend has seen real estate agents marketing the properties that are most likely to sell. Meaning properties with investment deals such as guaranteed rentals returns; low deposit finance and long payment plans are in vogue.
Homesgofast.com CEO Nicholas Marr "agents are now reducing the number of properties they have and are concentrating on the real estate deemed more desirable. One of my agents is a good example he previously marketed properties in 6 countries he has now reduced this to one region; he now only promotes properties that give the buyers low deposit finance options or where there is outstanding value for money"
The way buyers pick up a global bargain is also changing with an increase in online property auctions. The latest auction taking place on November 8th 2008 in Florida is a good example . The luxury Florida real estate auction includes brand new homes priced over 1 million US Dollars, all are due to go under the hammer with no reserve. The auction organized by Orlando-based British Homes Group, in collaboration with Stirling Sotheby’s International Realty, the Florida affiliate of Sotheby’s in the UK.
The quality of international property is going up and property developers are bending over backwards to achieve a sale. Developers will routinely offer very low initial deposits lengthy payment plans, guaranteed buy back schemes, rental guarantees and free furniture packs to name but a few.
It seems that the moves to attract more buyers has increased the quality of the products available to the overseas property buyer.
